Technical Market Overview:
The GBP/USD pair continues to move lower after the technical support at the level of 1.2772 was violated. The new local low was made at the level of 1.2709, just above the technical support at the level of 1.2705. Despite the oversold market conditins, there is no sign of any trend reversal and the next target is seen at the level of 1.2666. The larger time frame trend remains down as well.
Weekly Pivot Points:
WR3 - 1.3212
WR2- 1.3121
WR1 - 1.2880
Weekly Pivot - 1.2790
WS1 - 1.2532
WS2 - 1.2453
WS3 - 1.2198
Trading Recommendations:
The best trading strategy in the current market conditions is to sell the local pull-backs with a tight protective stop loss. Due to the oversold market conditions please pay attention to the candlestick trend reversal patterns and market trend reversal patterns.
